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BEN HOROWITZ SAYS AMAZON $AMZN CEO ANDY JASSY TOLD HIM AI SUPPLY IS SOLD OUT BEYOND 2028 "I said, yeah, like we're out of everything till 2028. He's like, oh, it's beyond 2028." Then he explained why that makes AI nothing like the dot-com bubble "In the internet bubble, we didn't have enough demand because we had to build the internet. People had to get broadband. Originally they had to get their browser at Fry's. There weren't enough consumers on the internet to absorb all the bandwidth that had gotten built out." "The lack of demand killed it. We don't really have a lack of demand in AI, so I think the dynamics will be different." He did flag one risk. "If you get into a pathological debt situation, that can wreck anybody." He said that's why Andreessen Horowitz isn't invested in any of the neoclouds. "That whole thing scares me, having been through it."

ON THIS DAY IN 1879, THOMAS EDISON CREATED THE FIRST PRACTICAL, LONG-LASTING LIGHT BULB For months, his bulbs had burned out after just a few hours. His platinum filament kept melting. The fix came while he was idly rolling a piece of carbon between his fingers. It gave him an idea: turn other materials into carbon and use them as the filament. He tried a carbonized cotton thread inside a glass vacuum bulb, and it gave off a soft orange glow. It burned for about 15 hours.

SpaceX $SPCX closed trading today back over a $2 Trillion market cap

ELON MUSK JUST LAID OUT TESLA'S $TSLA ENTIRE ROADMAP ON THE Q3 EARNINGS CALL Here's everything he said • Demand for Tesla vehicles is exceeding production by a significant margin, and Full Self-Driving is the biggest driver • "There is really no competitor for FSD in any car that you can buy" • FSD is already approved in many countries in Europe, and he'd be surprised if EU-wide approval takes longer than Q1 • Tesla is aiming for 5 million vehicles a year by around 2030 • Semi production began in Q3, and he called the new Roadster demo "arguably the coolest demo of any product ever" • Megapacks are almost sold out for all of 2027, and he expects energy margins to increase meaningfully • The Cybercab fleet in Austin has grown 10x since launching about a month ago • Autonomous miles are growing so fast he says the chart "looks like a rocket going to orbit" • Optimus is now in early production in Fremont, with most of a million-unit-per-year line already in place • Tesla expects to start delivering Optimus to outside companies around the end of 2027 • The Terafab in Austin starts commissioning machinery in the first half of 2027, with a first test chip around May or June and volume chips around Q3 2028 • He says the Terafab will be "the most valuable building in the world" • And Optimus will be "the biggest product on Earth" "I think we are now headed for a lot of fun and significant growth."

META $META SAYS THE AVERAGE INSTAGRAM USER IS NOW SPENDING MORE TIME ON THE APP THAN EVER Its CFO shared the numbers on Meta's Q3 earnings call today Global time spent per user on Instagram hit an all-time high in Q3 and grew double digits from a year ago. On Facebook, time spent on Reels also hit all-time highs, both globally and in the US. Advertisers are using its AI tools more too. Nearly 10 million advertisers used at least one of Meta's generative AI ad creative tools in Q3, and adoption of its video-generation features grew 25% from last quarter. But scaling Muse won't be cheap. The CFO said Muse's compute intensity means expanding its user base will require significant investment, and Meta expects total serving costs to rise.

SAP $SAP JUST REPORTED Q3 EARNINGS - Revenue: €10,270M, beating est. of €10.13B 🟢 - Adj EPS: €1.89, beating est. of €1.87 🟢 - Current Cloud Backlog: €24.1B (+28%, +26% cc) - Cloud ERP Suite: €5,924M (+29% YoY) - Cloud & Software: €9,249M (+15% YoY) - Software Support: €2,434M (-5% YoY) - Services: €1,021M (-4% YoY) - Non-IFRS Oper Margin: 29.5% (+1.2pp YoY) FY26 Guidance: - Cloud Revenue (cc): €25.8B-€26.2B (upper end) - Cloud & Software Rev (cc): €36.3B-€36.8B (upper end) - Non-IFRS Oper Profit (cc): €11.8B-€12.2B - Free Cash Flow: ~€10B - Non-IFRS Tax Rate: ~29% Key Updates: - Share Repurchases: ~€4.2B under the program - Outlook: Cloud revenue and cloud & software revenue are expected toward the upper end of their ranges - Acquisition: SAP entered into an agreement to acquire TechWolf

MARK ZUCKERBERG EXPECTS META'S NEW MUSE AI TO EVENTUALLY MAKE MORE MONEY PER USER THAN FACEBOOK AND INSTAGRAM He laid out the plan on Meta's $META Q3 earnings call today Zuckerberg said users of Meta's existing apps already generate several hundred dollars a year in revenue each, and he expects Muse to reach an even higher level over time. More than 10 million people in the US and Canada have set up Muse personal agents in just a month and a half, and Meta expects to grow Muse to serve billions of people. Muse is coming to Meta glasses starting next month. Zuckerberg said glasses sales keep growing rapidly, and with Muse he expects paid subscriptions to increase. Meta is also working on smaller models, coming out soon, that will deliver Muse Wonder level intelligence more efficiently. And he said Meta is about to ship Muse Charm.

TESLA $TSLA HAS NOW TOPPED $100 BILLION IN TRAILING 12-MONTH REVENUE FOR THE SECOND STRAIGHT QUARTER And its margins are moving higher too Gross margin climbed to 19.6% in Q3, up from 16.8% last quarter and 18.0% a year ago. Its services and other business also posted a record $734 million in gross profit, with revenue up 33% from a year ago thanks to charging, insurance and parts sales.

TESLA $TSLA ADDED OVER 2,100 SUPERCHARGING STALLS LAST QUARTER The network now has 8,904 stations and 84,465 connectors, up 14% from a year ago. Its Supercharger for Business program, where companies own the chargers and Tesla runs them to the same standard, has grown to over 600 stalls. Tesla also deployed its first Accordion Supercharger, which comes pre-assembled from the factory and costs less to install.

MARK ZUCKERBERG SAYS MORE THAN 10 MILLION PEOPLE HAVE SET UP MUSE AGENTS IN JUST A MONTH AND A HALF And he expects it to serve billions On Meta's $META Q3 earnings call, Zuckerberg said more than 10 million people in the US and Canada have already set up Muse personal agents, and that Meta expects to grow Muse to serve billions of people. Muse and Muse Wonder launched last quarter. In the earnings release, Zuckerberg called it "our first frontier model." "Our investments are paying off, the core business is strong, and we're seeing velocity across the board." Meta says it's moving money out of Reality Labs and into AI, and plans to keep "investing aggressively" in 2027.

HERE'S WHAT THE 🇺🇸 STOCK MARKET LOOKED LIKE TODAY Up 8: Datadog $DDOG +6.6% Ciena $CIEN +5.7% Dell $DELL +5.3% CrowdStrike $CRWD +5.3% Palantir $PLTR +4.7% Danaher $DHR +4.3% GE Vernova $GEV +4.0% IBM $IBM +3.9% Down 8: AT&T $T -6.5% Netflix $NFLX -5.3% Booking Holdings $BKNG -3.4% American Tower $AMT -3.2% T-Mobile $TMUS -2.5% Boston Scientific $BSX -2.3% Intuitive Surgical $ISRG -2.3% Stryker $SYK -2.2% Tech led the market, with 42 of 48 names in the sector finishing higher. Chips bounced back, with AMD $AMD +3.4%, Nvidia $NVDA +2.5% and Micron $MU +2.0%, and Tesla $TSLA rose +3.4% ahead of its earnings report after the close. Telecom went the other way. AT&T fell after its earnings report and pulled Verizon $VZ -2.2% and T-Mobile down with it. Netflix slid after last night's results, and medical device makers like Boston Scientific, Intuitive Surgical and Stryker also had a rough day.

META $META SPENT $34.9 BILLION ON CAPEX IN ONE QUARTER That's for data centers, servers and other infrastructure, and it pushed free cash flow negative to -$2.12 billion, even with $32.79 billion in operating cash flow. Meta now expects $135 billion to $145 billion in capex for the year, raising the low end of its range by $5 billion, and says it will keep "investing aggressively" in 2027.

THE TESLA $TSLA SEMI IS NOW IN VOLUME PRODUCTION The top version can go 500 miles fully loaded at 82,000 lbs, at an efficiency of 1.7 kWh per mile. That means it uses about a third of the energy of a comparable diesel truck to haul the same load. In trucking, energy is one of the biggest costs per mile, so Tesla says that gives Semi operators a real advantage. The Nevada factory is built for 25,000 Semis a year, and Tesla deployed its first pre-assembled Megacharger to support the ramp.

TESLA $TSLA CALLS THE NEW ROADSTER "THE BEST OF THE LAST HUMAN-DRIVEN CARS" Tesla unveiled it last week at SpaceX's test site in Texas. It has rocket thrusters that run on compressed air, and it went 0 to 60 in under a second on the launch pad. Tesla even put a photo of it in the earnings deck, flying upside down over the rest of the lineup. Production is set for 2028.

ABOUT 44% OF EVERYONE ON EARTH USES A META $META APP EVERY DAY 3.64 billion people used Facebook, Instagram, WhatsApp or Messenger on an average day in September, up 3% from a year ago. With roughly 8.3 billion people in the world, that's more than 4 out of every 10 humans.